Haven’t we seen countless movies where aging millionaires want to give their kids the greatest legacy of all which is realizing the value of money? Whether it be the Korean blockbuster “A Millionaire’s first love” or our very own desi “Maalamaal”, the theme remains the same. In both the flicks, the multimillionaire grandfathers put their grandsons through life-changing and bizarre tests to help them realize the value of life and hard earned money.
Well, in real life, the methods of teaching your kids the value of money can not get so dramatic and won’t definitely happen on a fortnight! Instead you could make simple changes in your household and bring up your child to respect the value of hard earned money and importance of doing good.
Money Saving Tips
Selecting that one special thing: While at a shopping arcade or mall, your teen’s eyes would definitely light up at the sight of branded clothes, latest gadgets, trendy accessories and the list goes on. Buying every single object your teen puts his foot down for is definitely the worst thing you could do! What could be good is setting down a budget limit and buy special dress/accessory/goodie which appeals to them the most & falls in the budget range.
Monthly Allowance Works: Avoid giving your teen a wad of bills every time he/she heads out to hang out with his friends, a birthday party or to the movies. Instead, sit down with your kid, discuss the daily expenses he/she has to undertake, find out what they like to do and understand for what purchase/place do they like to spend the most. On that basis, you could come up with a monthly allowance and help your teen to spend sensibly! This way your teen can decide for himself where his/her spending is focused on and how to manage money for making best use of the monthly allowance.
New techniques of saving: While piggy banks might have become a thing of the past for today’s teens, the new age method would be saving accounts! Ask your teens to select a saving account at the bank. Encourage your teen to save a small percent of any monetary gift/allowances to be put into the account. This way he/she can understand which account works well for them with low charges and high interest rates. At the end of every quarter, he/she can check the money saved and take pleasure in the joy of saving!
Brands Are not the end of the world: Your teen can rattle off a long list of brands without batting an eyelid – It is definitely a good sign in terms of a sharp memory but not when the demand turns out to be shopping only at those branded stores. How about introducing them to good old street shopping, bargain centers and local clothing stores where they can buy equally great clothes, accessories and other stuff? Brands are good once in a while but cannot become the way of life for your growing up and impressionable teens.
For A Good Cause: We live in times where economic differences are high: People spending lavishly on luxurious lifestyles and homeless unable to afford a square meal. Isn’t it important for your kids to appreciate, value and share what they have? Encourage your children to share and love: You could ask them to serve food to the homeless senior folks at a temple or contribute small percent of saved money to an honest charity organization. Help them collect toys, clothes in good condition and other articles to be contributed at the orphanage center.